Gujarat Fluoro "leaps" into green

Gujarat Fluorochemicals which had closed yesterday at Rs.528.65, hit an intra day high today at Rs.560 and is now hovering at Rs.558 levels, up over 5.5%.

Renewable energy firm Inox Renewables, a wholly owned subsidiary of Gujarat Fluoro has agreed to sell off its operating wind power farms. This is being sold to Chennai based wind power company Leap Green Energy.

This is a total of 260 megawatts (MW), are located in Rajasthan, Maharashtra, Madhya Pradesh and Tamil Nadu.

Though the company did not divulge the financial details, the word on the street is that it was closed at Rs.1300 crore. 

The deal is expected to reduce the consolidated debt of the company by around Rs.800 crore.

Leap Green Energy is promoted by the family of former Formula 1 driver Narain Karthikeyan and JPMorgan holds about 75% stake.